RBI - Report on Securing Card Present Transaction - Public Comments
Reserve Bank of India, DPSS has turned its attention to ‘secure transactions’, of ‘cards present’.
Here cards might be Credit Cards/Debit Cards/ATM Cards/ ATM cum Debit Cards
To increase the security levels for ‘card present transactions’, RBI had constituted a working group in March 2011, to look into all the related issues implementing the security of card transactions in India and suggesting a road map for migration.
The Working Group had members drawn from Banks and Card Companies and also NPCI representatives.
The Working Group in a short span of 8 weeks, submitted its report today i.e 02/06/2011
The Working Group members have to be praised for their perseverance to submit the report within a short period of 8 weeks.
RBI has invited comments to be emailed or forwarded to them, by 30th June 2, 2011
The Working Group Report can be accessed @ http://www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=634
As the electronic money market grows rapidly, it is important that the fraudulent transactions are kept to the minimum, to ensure that the participant’s profitability is not hurt.
It can be noted that the electronic money usage is not only spreading in the urban area, but also spreading in the rural area. The advantages of electronic money are plenty for the rural folks to be attracted towards them.
Over the next month, the report will be discussed thread-bare not only on the internet but also in the print media.
The more it is discussed, the more comments RBI will receive. The more comments RBI receives, the more robust solution can be found.
By now, articles on the report should have appeared on the Internet.
1 comment:
Looks like who ever is responsible for creating this document didn't even understand the concepts of MFA(Multi factor authentication). Either they are proposing PIN as a second factor of authentication or Biometric id/Finger prints as the second factor of authentication. PIN and Finger print cannot be a second factor. Since PIN is the first factor only and Finger print can the 3rd factor. The second factor should always be "What you have". "What you know" should be first factor and "What you are/Who you are" is the 3rd factor. This shows the RBI just prepares a document for name sake and doesn't have any capability to review the content too. Poor organization and poor people of India
Post a Comment